John Foley, former CEO and co-founder of Peloton, despite seeing an erosion of his net worth by billions after he left Peloton, is going to launch a new startup which will focus on customized rugs.
Interestingly, the 53-year-old entrepreneur from Florida has already raised over $25 million for his new venture.
The former billionaire with a Georgia Tech and Harvard Business School degree under his belt is known for his strong work ethic and innovative spirit.
John Foley, who exited Peloton, which he had co-founded and served as its CEO, lost billions in net worth following his departure from the company.
The technocrat started his career as an overnight shift manager at Mars Inc after graduating from Harvard Business School.
John Foley, who was a fitness enthusiast and entrepreneur, is back and starting a startup in home decor selling customized rugs.
Despite his controversies, he is best known for his role in revolutionizing home fitness.
Foley resides in the West Village neighborhood of Manhattan with his wife, Jill Foley, and their two children.
Jill Foley also played a significant role in the rise and development of Peloton and served as the VP of Apparel.
Both John and Jill co-founded Peloton in 2013.
John went on to serve as the CEO of the company while Jill took on the role of Vice President of Apparel. After a period of time, Jill’s elevation drew sharp criticism from investors due to her lack of prior experience.
It was also one of the sticking points which investors continued to harp upon, and ultimately John Foley had to exit the company. After Foley’s exit, he was succeeded by Barry McCarthy.
The Foley couple had previously owned a $55 million waterfront home in East Hampton, which they had to sell as part of downsizing efforts. Now, they live in the West Village neighborhood of Manhattan.
Rise and Fall of John Foley
The company which Foley had created had a net value of $50 billion and made Foley a billionaire on record.
However, the value of the company tanked due to overproduction.
Falling demand was further exacerbated by a controversial storyline in the “Sex and the City” reboot.
Foley openly admitted in an recent interview with the New York Post that he lost billions and was forced to sell almost everything he owned.
On a more positive note, after all the tribulations, Foley stated that Ernesta, his new rug venture, will be able to raise cash flow of $500 million in the next decade.
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His previous Peloton team members, including key executives, have joined him in this new venture.
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